Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,194/mo
Lowest payment- Down payment
- $144,433
- Funds due
- $154,362
- Interest + MI left
- $77,555
- First ends
- Jan 2052
Assumption
Assumption + second
$2,045/mo
+$851/mo- Down payment
- $28,433
- Funds due
- $39,663
- Interest + MI left
- $267,975
- First ends
- Jan 2052
New loan
New conventional
$2,232/mo
+$1,038/mo- Down payment
- $28,433
- Funds due
- $36,357
- Interest + MI left
- $379,952
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,567 | $134,567 | $250,567 |
| Second mortgage | — | $116,000 | — |
| First P&I | $640.21 | $640.21 | $1,734.88 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $106.60 | $106.60 | $50.11 |
| Taxes, insurance & HOA | $447.08 | $447.08 | $447.08 |
| Total housing payment | $1,193.90 | $2,045.06 | $2,232.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,433
Closing costs & prepaids$11,230
Usable credit−$0
Total buyer cash needed$39,663
Earnest money paid−$0
Remaining funds due$39,663
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$177.25
Initial HOA (3 months)$714.00
Prepaid interest, first (2 days)$22.64
Prepaid interest, second (2 days)$50.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing25 yr 2 moOf the original 30-year loan at 3.070%
Interest already paid$21,199Through Nov 2026
Assumption only · ends Jan 2052$77,555
Assumption + second · ends Jan 2052, second Dec 2056$267,975
New conventional · ends Dec 2056$379,952